How to start a tech business is not as difficult as many people make it out to be.
Tech as a Business refers to organizations that provide products and services that have technological applications across multiple industries.
No matter how big a tech company or business may grow to be, they still perform the ultimate job of technology which is research, development, and the advancement of the human race.
The activities of Tech businesses include the manufacturing of electronics, the creation of software, the rendering of services and so much more.
The best part about a technology business is the fact that they almost do not need a lot of funding or resources to kick start.
You may be doubting my last sentence but like I usually say in all my articles, STAY WITH ME!
So I was invited to speak on the topic “TECH AS A BUSINESS” in Delta state, the program was organized by Hamplus Technologies in conjunction with the Python Software Foundation and a group of other well-renowned tech personnel and organization.
Like I always do before any public speaking, I did a comprehensive research on the topic “How to Start a Tech Business” hence this article you are reading at the moment.
- A business performs various duties and functions, but one fundamental goal is to provide value to customers.
- Money received when starting up a business should be able to fund the cost of operating the business as well as provide for the life needs of the proprietors.
- Any money in excess of the business funding and payments should be used to reinvest in the business for its future needs and security.
- It’s a good idea to open a bank account in the name of the business you plan to run.
So, Let’s begin;
I am going to be defining each term used in composing the topic and then breaking it down to its simplest form, so we know exactly what Tech as a Business entails.
What is TECH?
Tech is simply the abbreviation of the word technology.
Technology on the other hand refers to the application of scientific knowledge to the practical objectives of life.
We can then define the next phrase which is Business.
Hold on closely to our last definition, we will be making use of it real soon.
What is Business?
Business refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities.
This leads us to our next question;
What is Tech in Business?
Putting these explanations together will enable us to get a clearer and better understanding of what tech as a business means.
Technology in business is that particular branch of knowledge that deals with the creation and use of technical means in relation to life, society, and the environment to solve problems.
One can also say that technology is the creation, usage, and knowledge of tools, techniques, crafts, systems, or methods of organization to solve a problem or to serve some form of purpose.
While tech as a Business, refers to companies that offer goods and services that have technological applications in a variety of diverse economies.
A business performs numerous jobs and tasks but the one true purpose of a business is to offer value to customers.
These value offers are in the form of products or services.
Essentially, we can say that this is the feature of a business that makes its customers give them money.
Value is always the substance perceived by the customers first and this is what must evolve, change and multiply over time to stay valuable.
How to Start a Business in Tech
Just like every other business, there are certain hurdles you may need to jump over to start a business in Tech. This includes
- Conducting a comprehensive market research
- Developing a Business Plan
- Seeking Capital or other forms of funding
- Choosing a location and business structure
- Picking the right name for your business
- Registering your business with the government and so on.
It’s also a great advantage to open a bank account with the name of the business you intend to use.
How do you launch a Business in Technology?
Starting a tech business involves the same steps as a traditional business with a few exceptions, which we can term as an advantage.
However, you will still need to do your market research and develop a business plan before anything else.
As soon as this is completed, you can now choose a name and structure for your tech business followed by filling out any paperwork to register your business.
One key advantage of a tech business over a traditional business is the fact that a tech business does not really need a physical location.
You can simply choose an online platform that you can use for marketing.
With your market research, there shouldn’t be a problem with choosing an online platform because you will already have an idea of where your prospective customers will be.
The technology business is officially the best form of business to venture into, in this day and time. I mean, why not?
In 2019, the estimated economic output of the technology industries was well above a whopping $1.8 trillion.
Remember I earlier said that a technology business may not require huge funding. Well, let me explain.
You can start out small and slowly grow over time, take a look at the majority of the tech businesses that are sending waves across the world.
They all started from almost nothing.
So my advice is to start small and scale up with time, consistency, and determination.
With that said, Tech as a business will require that you have some technical knowledge to be successful.
Examples of Popular Tech Business
- Web Development and Design
- Influencer marketing
- App/Software Development
- Online teaching
- Search Engine Optimization
- Social Media Marketing.
All the above are tech businesses that anyone can go into and will most definitely be profitable.
Steps in Starting a Tech Business
These are the steps I personally take when starting any of my Tech ventures, I believe you should find them easy to duplicate.
Step 1: Market Research
This is truly the first step anyone can advise you on how to start a tech business.
It is necessary for a product to provide a solution to a particular consumer’s need for there to be a demand for it.
Make sure you are aware of the reasons why a potential consumer will require your product and why they should also purchase it.
The below questions should help you in your market research journey.
- What is the overall idea of my business?
- Who are my customers?
- Who are my final consumers?
- Why will they want my services?
- Why am I building this service or product in the first place?
- Are there other businesses like mine?
- What will make my own product or services stand out?
This is the summary of what market research is all about.
Even if you have come up with a new and unique product, there may already be similar ones in the market.
Look at the market to see who else is there.
Find out what your competitors are selling, how much of the market they have, and how they get people to buy from them.
Step 2: Create an MVP
MVP means minimum viable product.
This is simply the version of your product or service that has just enough features to be usable by early customers or consumers who can provide feedback for future product/service development.
MVP makes it possible to grasp all of the benefits and drawbacks prior to a complete launch of your product or service.
This will save you a significant amount of time and money because the process of launching a business is not easy and certainly not cheap in any way.
The popularity of MVPs among companies can be attributed to this fact.
Spending a small sum of money over a period of a few months to test your idea and to make sure that it works appears to be a lot better use of your money than spending tens of thousands of dollars and crossing your fingers hoping for good luck.
Step 3: Leverage Social Media Platforms
The use of social media in business is becoming increasingly popular among companies of all sizes.
If your business isn’t present on social networking sites like Facebook, Instagram, and LinkedIn, you’re leaving a lot of money on the table.
The right social media marketing strategy can do wonders for your business, from attracting new customers to fostering an engaged community of loyal consumers.
There are a great number of social media sites that you can leverage. But which ones have the most users, and which ones are the best fit for your tech business?
These and many others, are the type of questions you must first ask yourself before embarking on a social media marketing campaign.
How to start a tech business is not as complex as many people paint it to be.
In fact, tech is necessary for any and all kinds of business.
Without technology in your business, your business is certainly on the wrong path.
Technology has changed the way companies do business by making it possible for even small businesses to compete on a global scale as larger ones.
Small businesses are now making use of all kinds of technology, from servers to mobile devices, to give themselves an edge in the market.
So my question is what exactly is stopping you?
If you have any opinions or would like to suggest or contribute to this article, feel free to make use of the comment section below.
I and my team of creatives would really like to know how we can assist you to grow your business.